PNOC Renewables plans to invest in hydropower projects in Philippines

The renewable energy development unit of Philippine National Oil Corp., PNOC Renewables Corp., plans to spend more than $335 million to develop hydropower projects, wire services reported.

The company said they are conducting feasibility studies on seven projects with a combined capacity of about 200 megawatts, reports indicate.

In other news, rehabilitation of the civil and electro-mechanical components of the 75-MW Ambuklao hydro plant is 75 percent complete, co-owner SN Aboitiz Power-Benguet Inc. (SNAP-Benguet) said in a disclosure with the Philippine Stock Exchange.

SNAP is on track to complete the rehabilitation of the Ambuklao hydroelectric power plant in by the last quarter of 2011, instead of in 2010 as earlier targeted, media reports indicate.